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Question1 Not yet answered Points out of 5 Flag question Question text What type of organization primarily offers tax compliance, auditing, and consulting services? Select

Question1

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What type of organization primarily offers tax compliance, auditing, and consulting services?

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corporations

public accounting firms

governmental entities

universities

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Question2

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Which of the following is typically required for entry-level positions in the accounting profession?

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bachelor's degree

master's degree

Certified Public Accountant (CPA)

Certified Management Accountant (CMA)

only a high school diploma

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Question3

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Which of the following sell stock on an organized stock exchange such as the New York Stock Exchange?

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publicly traded companies

not-for-profit businesses

governmental agencies

privately held companies

government-sponsored entities

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Question4

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Typical accounting tasks include all of the following tasks except ________.

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auditing

recording and tracking costs

tax compliance and planning

consulting

purchasing direct materials

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Question5

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Accounting is sometimes called the "language of _____."

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Wall Street

business

Main Street

financial statements

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Question6

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Which of the following is not true?

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Organizations share a common purpose or mission.

Organizations have inflows and outflows of resources.

Organizations add value to society.

Organizations need accounting information.

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Question7

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Which of the following is not an example of a retailer?

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electronics store

grocery store

car dealership

computer manufacturer

jewelry store

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Question8

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The accounting equation is expressed as ________.

Assets = Liabilities + Investments by Owners

Assets - Noncurrent Assets = Liabilities

Assets = Liabilities + Owner's Equity

Assets + Liabilities = Owner's Equity

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Question9

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Which financial statement shows the financial position of the company?

statement of owner's equity

statement of cash flows

income statement

balance sheet

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Question10

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The WeBuild Construction Company sold $22 million of buildings in its first year of operations. The company received payments of $13.00 million for these buildings. The company's income statement would report:

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Expenses of $9.00 million.

Sales Revenue of $22 million.

Sales Revenue of $13.00 million.

Accounts Receivable of $13.00 million.

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Question11

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Golden Enterprises started the year with the following: Assets $103,000; Liabilities $33,000; Common Stock $63,000; Retained Earnings $7000. During the year, the company earned revenue of $5300, all of which was received in cash, and incurred expenses of $3150, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1300 to owners. Assume no other activities occurred during the year.

The amount of Golden's retained earnings at the end of the year is:

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$1300.

$7850.

$9150.

$12,300.

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Question12

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A company's financial records at the end of the year included the following amounts:

Cash$71,900Accounts Receivable29,900Supplies5900Accounts Payable11,900Notes Payable5950Retained Earnings, beginning of year18,900Common Stock59,000Service Revenue40,650Wages Expense9900Advertising Expense6900Rent Expense11,900What is the amount of total assets to be reported on the balance sheet at the end of the year?

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$119,600.

$126,600.

$107,700.

$148,350.

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A company's financial records at the end of the year included the following amounts:

Cash$71,500Accounts Receivable29,500Supplies5500Accounts Payable11,500Notes Payable5750Retained Earnings, beginning of year18,500Common Stock55,000Service Revenue43,250Wages Expense9500Advertising Expense6500Rent Expense11,500What is the amount of total stockholders' equity that would be reported on the Balance Sheet at the end of the year?

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$106,500.

$89,250.

$73,500.

$15,750.

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The first year of operations for a company was Year 1. The net income for Year 1 was $21,800 and dividends of $12,900 were paid. In Year 2, the company reported net income of $35,800 and paid dividends of $5900. At the end of Year 1, the company had total assets of $168,000. At the end of Year 2, the company had total assets of $ $258,000.

What is the amount of retained earnings at the end of Year 2?

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$138,150

$29,900

$148,150

$38,800

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Which of the following financial statements should be prepared first?

Retained Earnings Statement

Balance Sheet

Statement of Cash Flows

Income Statement

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Question16

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Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements?

revenue recognition principle

full disclosure principle

cost principle

expense recognition (matching) principle

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Question17

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A company was formed with $60,400 cash contributed by its owners in exchange for common stock. The company borrowed $30,400 from a bank. The company purchased $10,400 of inventory and paid cash for it. The company also purchased $70,400 of equipment by paying $10,000 in cash and issuing a note for the remainder.

What is the amount of the total assets to be reported on the balance sheet?

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$80,400

$151,200

$90,800

$161,200

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Question18

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Constable Co. reported the following information at December 31, Year 1:

Accounts Payable$4660Accounts Receivable9510Cash25,090Common Stock91,600Equipment51,100Inventory32,800Notes Payable due December 31, Year 32660Retained Earnings, December 31, Year 114,250Wages Payable5330What is the amount of current liabilities on the classified balance sheet?

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$9990

$4660

$12,650

$7320

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Question19

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Constable Co. reported the following information at December 31, Year 1:

Accounts Payable$4580Accounts Receivable9430Cash24,290Common Stock90,800Equipment50,300Inventory32,000Notes Payable due December 31, Year 32580Retained Earnings, December 31, Year 114,170Wages Payable3890What is the total of the credit balance accounts?

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$109,550

$116,020

$104,970

$113,440

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Question20

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A company had the following assets and liabilities at the beginning and end of the current year:

AssetsLiabilitiesBeginning of year$230,000$96,000End of the year261,00078,200Common stock in the amount of $23,000 was issued and dividends of $6600 were paid during the year. What is the amount of net income for the year?

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$65,200

$32,400

$48,800

$19,200

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Question21

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The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting.

Advertising Revenue$52,402Cash46,638Accounts Receivable7861Interest Expense2415Accounts Payable5250Operating Expenses42,446Deferred Revenue1326Equipment20,437Income Tax Expense2620The following activities occurred in 2019:

1. Performed advertising services on account, $62,000.

2. Received cash payments on account, $11,900.

3. Received deposits from customersfor advertising services to be performed in 2020, $3500.

4. Made payments to suppliers on account, $5250.

5. Incurred $50,700 of operating expenses; $43,950 was paid in cash and $6750 was on account and unpaid as of the end of the year.What is the balance of Accounts Receivable at December 31, 2019?

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$50,100

$57,961

$62,000

$61,461

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Question22

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Which of the following accounts' balance would be a different number on the Balance Sheet than it is on the adjusted trial balance?

unearned service revenue

accumulated depreciation

dividends

retained earnings

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Question23

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If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it?

cull

accrual

estimate

deferral

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Question24

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The classified balance sheet for a company reported current assets of $1,819,244, total liabilities of $818,540, Common Stock of $1,190,000, and Retained Earnings of $149,260. The current ratio was 2.8.

Which of the following statements is not correct?

Select one:

Total Assets are $2,157,800.

Total Stockholders' equity is $1,339,260.

Noncurrent liabilities are $149,260.

The amount of current assets is 2.8 times the amount of current liabilities.

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Question25

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A company's trial balance included the following account balances:

Accounts Payable$19,337Accounts Receivable81,466Cash73,454Income Tax Payable3642Inventory25,946Note Payable, due in two years1839Equipment55,428Stockholders' Equity204,108Supplies5642Wages Payable13,010What is the amount of the current ratio?(Round your answer to 2 decimal places.)

Select one:

5.18

4.96

1.98

1.00

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Question26

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On December 1, 2018, Shamrock Company received $9600 from Destiny, Inc. for rent of an office owned by Shamrock Company. The payment covers the period from December 1, 2018 through February 28, 2019. Shamrock Company recorded this as Deferred Rent Revenue when it was received on December 1. The adjusting entry on December 31 would include a:

Select one:

credit to Deferred Rent Revenue of $3200.

debit to Rent Revenue of $4800.

credit to Rent Revenue of $3200.

debit to Deferred Rent Revenue of $4800.

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Question27

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Eagle Company reported Salaries and Wages Payable of $765 at the beginning of the year and $2530 at the end of the year. The income statement for the year reported Salaries and Wages Expense of $56,500. How much cash was paid for salaries and wages during the year?

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$53,205

$53,970

$56,500

$54,735

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Question28

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Jack's Snow Removal Company received a cash advance of $11,700 on December 1, Year 1 to provide services during the months of December, January, and February. The year-end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will

Select one:

increase assets by $3900 and increase equity by $3900

increase liabilities by $3900

increase assets by $3900

increase equity by $3900

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Question29

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Which account would be credited when closing the account for fees earned for the year?

Income Summary

Fees Earned Revenue

Unearned Fee Revenue

Accounts Receivable

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Question30

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Which of these accounts is included in the post-closing trial balance?

Sales Revenue

Accounts Payable

Supplies Expense

Insurance Expense

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Question31

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If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following?

an adjusting entry

outside of the accounting cycle

a closing entry

an ordinary transaction entry

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Question32

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Which of these accounts is never closed?

Rent Expense

Prepaid Rent

Rent Revenue

Income Summary

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Question33

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If current assets are $112,000 and current liabilities are $56,000, what is the current ratio?

50 percent

2.0

200 percent

$50,000

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Question34

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Prior to closing, Syracuse Company's accounting records showed the following balances:

Retained earnings$8450Service revenue9150Interest revenue1550Salaries expense6000Operating expense2100Interest expense1250Dividends1850After closing, Syracuse's retained earnings balance would be

Select one:

$9800.

$7950.

$11,650.

$8450.

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Question35

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The following accounts and balances were drawn from the records of Carolina Company on December 31, Year 1:

Cash$3400Accounts receivable$1450Dividends$1700Common stock$2175Land$2000Revenue$2000Accounts payable$1050Expense$1150The amount of Carolina's retained earnings after closing on December 31, Year 1 was:

Select one:

$5400.

$4475.

$2775.

$3625.

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Question36

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Which of the following accounts are used when recording a purchase using a periodic inventory system?

accounts payable, sales

cash, purchases

cash, merchandise inventory

accounts payable, accounts receivable

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Question37

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A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer?

accounts receivable, cost of goods sold

sales returns and allowances, merchandise inventory

accounts receivable, sales returns and allowances

accounts receivable, cash

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Question38

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Sanchez Company engaged in the following transactions during Year 1:

1) Started the business by issuing $12,100 of common stock for cash.

2) The company paid cash to purchase $7400 of inventory.

3) The company sold inventory that cost $4800 for $9650 cash.

4) Operating expenses incurred and paid during the year, $4300.

Sanchez Company engaged in the following transactions during Year 2:

1) The company paid cash to purchase $10,400 of inventory.

2) The company sold inventory that cost $9000 for $16,250 cash.

3) Operating expenses incurred and paid during the year, $5300.

Note: Sanchez uses the perpetual inventory system.

Sanchez's gross margin for the Year 2 is:

Select one:

$9000.

$7250.

$5850.

$1950.

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Question39

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The Wilson Company purchased $38,000 of merchandise from the Poole Wholesale Company. Wilson also paid $3100 for freight costs to have the goods shipped to its location. Which of the following statements regarding the necessary entries for the transactions is true? Wilson uses the perpetual inventory system.

Select one:

Total increases to the inventory account would be $41,100.

Totalincreases to the inventory account would be $3100.

Totalincreases to the inventory account would be $38,000.

Transportation-in would be increased by $3100.

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Question40

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Alvarado Company began the current month with inventory costing $23,115, then purchased inventory at a cost of $59,040. The perpetual inventory system indicates that inventory costing $67,217 was sold during the month for $68,850. If an inventory count shows that inventory costing $13,100 is actually on hand at month-end, what amount of shrinkage occurred during the month?

Select one:

$13,095

$1838

$9810

$14,938

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Question41

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Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $40,000 in inventory. During the quarter the company purchases $9400 of new inventory from a vendor, returned $950 of inventory to the vendor, and took advantage of discounts from the vendor of $300. At the end of the quarter the balance in inventory is $31,500. What is the cost of goods sold?

Select one:

$8500

$17,900

$18,400

$16,650

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Question42

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The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Northview Company as they appear on the company's adjusted trial balance.

Accounts Payable$7000Accounts Receivable26,000Inventory23,000Advertising Expense19,500Cost of Goods Sold149,000Delivery Expense7500Income Tax Expense3900Insurance Expense1000Rent Expense18,000Sales Revenue310,000Sales Discounts9500Sales Returns & Allowances41,500The gross profit percentage would be closest to:

Select one:

36.6%.

42.5%.

90.5%.

77.6%.